I learned my lesson many years ago and now ensure the following:
1. NEVER pack anything of any significant value or sentimental value into your checked in bag(s). Especially never put any essential medication in your checked in bag. These things pass through the hands of so many people when out of your sight to take the risk.
2. Never use expensive bags like a Tumi - they are often worth more than the contents. Use a cheap but robust hard sided bag, one that can be replaced easily.
3. Make your bag a really garish and unusual colour - if it is a nondescript grey or black then slap some paint on it and make it unique. A bit of coloured ribbonh just is not enough
4. Never put your home address on the outside on a label - I lose count of the number of home addresses I see on bags on the carosel when I am travelling - it just takes a call to a dishonest mate back home.